Measuring Jersey’s economy: GVA and GDP 2018
October 2, 2019
The latest report presenting estimates of the size and performance of Jersey’s economy in 2018 has been published by Statistics Jersey.
Summary – In 2018:
Gross Value Added (GVA)
- total GVA increased by 1.4% in real terms on an annual basis
- the total GVA of Jersey’s economy has increased in real terms for five consecutive years
- total GVA was £4,707 million
- the latest annual increase in total GVA was driven by the financial services sector, which saw GVA increase by 2% in real terms
Gross Domestic Product (GDP)
- GDP increased by 1.8% in real terms on an annual basis
- GDP was £4,642 million
GDP per head of population
- the average economic standard of living of Jersey residents, measured by GDP per head of population, increased by 0.6% in real terms on an annual basis
- this increase was the result of the real term change in total economic output being greater than the increase in the resident population
- GDP per head of population was £43,470; this measure for Jersey residents was more than a quarter greater than that of the UK and a fifth lower than that of Guernsey
- over the most recent five-year period, GDP per head of population has increased, in real terms, by 1% in Jersey, by 7% in the UK and by 12% in Guernsey
Labour productivity
- productivity, measured by GVA per full-time equivalent (FTE) worker, was unchanged in real terms on an annual basis
- the finance sector saw productivity increase by 1% in real terms
- the non- finance sectors, overall, saw productivity decrease by 1% in real terms
- over all sectors of the economy, productivity has fallen by almost a quarter (23%) in real terms since the previous peak in 2007, driven by a decline in the productivity of the finance sector (down by a third over the period)
- productivity in the non-finance sectors, overall, has declined by 6% in real terms since 2007 and has been relatively unchanged over the longer term (2% higher in 2018 than 20 years earlier, in 1998)
Measuring Jersey’s economy GVA and GDP – 2018 
← Back
